Technological Advancements (Dissertation Review Sample)
This paper will look at some of the important aspects that an entrepreneur should work towards as they work on improving their position within the market. The most significant attribute is that of creativity to help counter any problems that may hinder the growth of the business at any level of interaction.source..
Technological Advancements: innovations
Entrepreneurs are known to work under very risky conditions. They put all their resources out in a bid to work out some of their ideas into business opportunities. There are several issues that come up when discussing the issues that aid in the growth of an enterprise. As the word progresses, there are those who will peg their hopes on government regulations and policies to help improve their business ventures. The majority look at technological advancements as the best means of growing their businesses. Innovations have become part of any business as organizations and entrepreneurs look for ways of making their businesses relevant to the current global trends. If well utilized, advancements in technologies can help open up new avenues for revenue as well as optimization of resources available.
This paper will look at some of the important aspects that an entrepreneur should work towards as they work on improving their position within the market. The most significant attribute is that of creativity to help counter any problems that may hinder the growth of the business at any level of interaction. A literature review and recommendations will also be included.
For a long time, the world has been moving towards global marketing. More opportunities have to be looked for to cater for the increasing interests that detail the growing markets. Developing and developed nations always need to sell their products amongst different persons. To ensure they do it right, they must get the right mixture that allows them to handle the details without working against the tide. Their opportunities must at always work to mitigate the impending vacuums that occur due to demand and supply interactions. As such, entrepreneurship only occurs, in reality, when an individual takes advantage of the profit activity in their midst within their economic precepts (Shane, 2003, p.132). Profitability may be vaguely defined as the returns an entrepreneur makes due to their alertness to the opportunities taking place. This opportunity, in the end, must benefit the seller, the buyer, and the economy in the long run. Having such opportunities in the market will imply a great deal of opportunities for suppliers and the demanders as they become aware of the attributes within the economy that facilitate profitability (Reynolds, 2010, p.95).
These individuals are aware of the impact that their work plays in the economy as they try to establish their role within the economy, making sure that the market is always open for competition to elevate their economy’s standards. As they work to enhance profitability, they are paving the way from others to venture into the business world and offer competition to effectively utilize the available resources. As such, they must always look for ways of meeting their demands and enhance their position within the market and industry they are involved. As such, this efficiency will always benefit an economy and individuals in place to enhance their profitability within their economy (Knight, 2002, p.80).
Entrepreneurial opportunities are seen to be most crucial in determining the behavior that an entrepreneur takes in relation to their quest for opportunities within the market. As they work on these attributes, it becomes clear that the discovery and exploitation of the observed opportunities will be best defined and determined by the process taken initially (Ebbena and Johnson, 2006, p.853). To fully understand the opportunities in place, there are two distinct entrepreneurial sources and types of opportunities that are present in the market. They defined either under the Schumpeterian or Kirznerian perspectives. The Schumpeterian perspective looks at the entrepreneur as the creator of opportunities and looking for different innovative ideas for their products over time. This is considered as one of the best forms of entrepreneurship because of their social repercussions (Duening, Hisrich and Lechter, 2009, p.69). They provide growth opportunities for the population and improve the economy through their output. Kirznerian perspectives look at the probability of having an individual ready to discover opportunities that will eventually lead to market disequilibria. As such, theorists do not consider this as a novel attribute especially in relation to the economic well-being of the nation (Shane, 2003, p.139).
As such, it is critical that they try to work on their attributes, personalities, and behaviors to enhance their ability to bring the markets into proper perspectives. The literature on entrepreneurship deals with different attributes. However, opportunities come with different risks and forbearing. As such, it is critical for the entrepreneur to work on their personal outlooks without having to deal with attributes beyond their means. As they do this, the markets will have different opportunities emerging to bring the economy to-date (Lundstrom and Stevenson, 2005, p.58). Technological entrepreneurship is based on four main elements. These include the ultimate outcomes that help in value creation and capture any aspect of growth that helps in meeting the goals and objectives of the entrepreneur. It must also target these ultimate outcomes by identifying them as avenues of value creation (Baron, 2004, p.228). The entrepreneur must look for ways of delivering these outcomes to meet the goals of the firm they have established. As such, they must have mechanisms that project their advances as part of a commitment to meeting their goals. Finally, it must have a closer interdependence with both the scientific and technological advances as a way of influencing, exploiting, and exploring the available knowledge (Swedberg, 2000, p.128). As such, it is essential that an entrepreneur work on meeting the value they seek to create within their area of expertise.
Opportunities are created through innovations. People have to look at their surroundings and determine whether there are any ways they can make work easier and life more interesting. Technology has come as a way of enhancing the growth of the available services through the opportunities present. Enhancement of life activities through attributes such as policies and regulations has been also prevalent in many economies (Ardichvili and Cardozo, 2003, p.107). Unless the government is willing to allow people to work on their attributes as individuals to open up rural areas, the economy is in danger. This implies the proper distribution of resources throughout the country. Entrepreneurs will require government support to actualize their dreams. This will also imply working in tandem with local authorities to identify opportunities of growth (Douglas and Shepherd, 2000, p.234).
Technological advancements have been present for the longest time possible. Over the years ever since the agrarian revolution, people have concentrated their efforts in meeting the demands of the society by coming up with easier ways of performing their chores. Industries have developed, and people have gained new knowledge to help them deal with adversities (Adner and Levinthal, 2004, p.76). However, some have been left behind, making it difficult to have even distribution of resources and wealth in the country. Some communities have been favored by political regimes especially in new democracies while others have been neglected. Some entrepreneurs lack the required resources that will help them push their service provisions higher while others have plenty of resources to utilize and exploit (Leitão and Baptista, 2009, p.52). As Kirzner opines, market disequilibria is prevalent in areas where there is little framework developed to cater for such advances in the economy. If the advancements are not handled appropriately, the entrepreneur will lose on their business growth trends due to disequilibria.
Any time an individual realizes that there is an opportunity and goes forth to exploit it, he/she opens up a myriad of opportunities for the rest of society. Technology has become one of the most interesting points of convergence in the world. The internet, for instance, has allowed many more to work on their ability to reach out to more clients, while offering them a chance to meet their goals within a prescribed timeframe. As such, people can work from the comfort of their homes and reach out to masses of people with costs reduced with each interaction (Delmar and Shane, 2004, p.390). There are a plethora of opportunities that the internet has presented to the world as a whole. Those who are able to exploit it have had the best returns so far. This is because it pushes the offline mode of interaction further away, while bringing about an opportunity for the workers to meet their goals within a prescribed timeframe. It is critical; therefore, that the concept of opportunities be embraced and understood by all as a way of ensuring that the set of individuals can achieve their goals ultimately (DeTienne and Chandler, 2004, p.246).
The most significant part of technological advancement was noted as part of the growth of any nation. As Schumpeter stipulates, the entrepreneur must be able to creatively destruct any outmoded businesses that are in place and come up with new ways of selling goods and services within their grasp. As such, it implies they must be able to actualize their impact within the economy and shift the focus from the lack of resources to exploitation of the current resources. Technology has opened up the world, allowing more entrepreneurs to meet their targets and goals without raising their costs of transacting business (Delmar and Shane, 2004, p.395). As each works to enhance their position within the market, others are working on mitigating any rising costs that may hinder the growth and existence of ...
- Employee Job Performance in UTC Aerospace System SingaporeDescription: One primary resource of an organization, which is vital to the success of the organization, is its employees (Ali and Ahmad,2009)...1 page/≈275 words| Harvard | Business & Marketing | Dissertation Review |
- The Effect of Consumer Innovativeness on Adoption of IPhone 5CDescription: The Effect of Consumer Innovativeness on Adoption of IPhone 5C Business and Marketing Dissertation Chapter - Literature Review...12 pages/≈3300 words| Harvard | Business & Marketing | Dissertation Review |
- An Evaluation of Training as a Strategy for Human Capital Development for increasing Product. . .Description: Evaluation of Training as a Strategy for Human Capital Development for increasing Productivity of the power sector in Nigeria: A Case of Power Holding Company...15 pages/≈4125 words| 40 Sources | Harvard | Business & Marketing | Dissertation Review |